Cabinet nod for subsidy scheme to boost merchant ships
The Hindu
It will also increase training opportunities and employment for seafarers.
The Union Cabinet on Wednesday approved a subsidy scheme for shipping companies during global tenders for import of government cargo. The scheme provides a subsidy of ₹1,624 crore over five years. The subsidy support varies from 5% to 15% of the lowest bid by a foreign shipping company depending on whether the ship was flagged after or before February 1, 2021, and the age of the ship at the time of flagging in India. However, ships older than 20 years will not be eligible under the scheme, according to the Ministry of Ports, Shipping and Waterways.
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The victims in the incident were street vendors. They sold fruits and flowers in the premises of the old structure.